Kick the Habit and Avoid Hard-Earned Cash Going up in Smoke

Mar 05, 2013, 12:00 ET from

CHESTER, England, March 5, 2013 /PRNewswire/ --

  • Quitters could save over £6,200 on life cover
  • Stubbing out cigarettes could save another £2,500 a year
  • Join the British Heart Foundation and 750,000 people across the UK attempting to quit on No Smoking Day

With National No Smoking Day (13 March 2013) around the corner, research from reveals those who kick the habit will not only reap the health benefits but their wallets would get a much needed boost as well.

The UK's number one comparison site found quitters who ditch cigarettes could make impressive savings on combined Critical Illness Cover (CIC) and life cover. For example, a 30 year old wanting £150,000 worth of cover over 25 years could save £6,207 with Scottish Provident over the term, or £20.69 per month, if they made the decision to go smoke free.[1]

MoneySupermarket found non-smokers can also make considerable savings on single life cover - up to £1,779 with Aviva on a single life insurance policy over the term.[2] Furthermore, the British Heart Foundation estimates a smoker could save themselves a further £2,555 on the cost of cigarettes per year by making the decision to go smoke-free.[3] 

Emma Walker, head of protection at MoneySupermarket  said: "With considerable savings to be made, smokers will hopefully find the willpower to permanently kick the habit, benefiting both their health and their wallets. Those who make the decision to quit should then shop around for the best insurance deal to suit their circumstances. Critical Illness Cover could prove vital if a person is unable to work due to serious illness, which is especially important in today's financial climate. Insurer providers will insist smokers have kicked the habit for a full year in order to be classed as a 'non-smoker' and qualify for life insurance premium savings."

Doireann Maddock, Senior Cardiac Nurse at the British Heart Foundation, added: "We know how much smokers are motivated to quit by the money they could save and that's why this year, we're asking all smokers to "swap fags for swag" on No Smoking Day and think about what else they might prefer to spend their money on. Whether it's putting money towards treats like holidays or family outings, or making savings in other areas like life insurance, this is sure to be an encouragement for anyone who wants to kick the habit for good. But whether it's your health or wealth that's your incentive, we're here to help and support you at every turn."

Notes to editors:

[1]30-year-old, £150,000 over 25 years for critical illness and life cover:

                                  Total                Total     per    Savings
                       Monthly   premium   Monthly    premium  month by for term
                       premium   over 25   premium    over 25    not     by not
         Provider       smoker    years   non-smoker   years   smoking  smoking
    Beagle Street      GBP41.89 GBP12,567  GBP31.31  GBP9,393  GBP10.58 GBP3,174
    Zurich             GBP51.94 GBP15,582  GBP34.66  GBP10,398 GBP17.28 GBP5,184
    Aviva              GBP54.95 GBP16,485  GBP35.60  GBP10,680 GBP19.35 GBP5,805
    Scottish Provident GBP56.82 GBP17,046  GBP36.13  GBP10,839 GBP20.69 GBP6,207
    Legal & General    GBP55.33 GBP16,599  GBP36.30  GBP10,890 GBP19.03 GBP5,709

[2]30-year-old, £150,000 over 25 years for single life cover:

                                Total               Total    Savings  Savings
                     Monthly   premium   Monthly   premium  per month for term
                     premium   over 25   premium   over 25   by not    by not
       Provider       smoker    years   non-smoker  years    smoking  smoking
    Beagle Street    GBP11.92  GBP3,576  GBP7.47   GBP2,241  GBP4.45  GBP1,335
    Legal & General  GBP13.53  GBP4,059  GBP7.95   GBP2,385  GBP5.58  GBP1,674
    Aviva            GBP13.88  GBP4,164  GBP7.95   GBP2,385  GBP5.93  GBP1,779
    Bright Grey      GBP12.85  GBP3,855  GBP8.07   GBP2,421  GBP4.78  GBP1,434
    LV=              GBP13.77  GBP4,131  GBP8.34   GBP2,502  GBP5.43  GBP1,629

[3] The British Heart Foundations calculates the average smoker will save £7 a day by quitting cigarettes.

That equates to £49 a week or £2,555 a year if they do ditch the cigarettes for good. compares (at 30th Jan 2013)

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